4/17/2012

Greece’s OTE ‘may sell’ unit to pay debts

Greek operator OTE, in which Deutsche Telekom has a controlling stake, may sell its Albanian, Bulgarian or Romanian unit to fund debt-servicing, according to local reports.

OTE is likely to finalise cost-cutting measures by the end of the first half of 2012, as part of efforts to tackle a funding deficit of about €500-€700 million, reports Greek newspaper Naftemporiki.

One of the potential sales is Cosmo Bulgaria Mobile, a Bulgarian mobile operator which uses the brand Globul. Its revenues saw a slight year-on-year decline in the last quarter of 2011, as its strong performance on handset sales could not make up for lower service revenues.